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Kevin O’Leary, known for his bold statements and as a star participant on Shark Tank, recently stated that he does not believe the approved Spot Bitcoin ETFs are a turning point for the US crypto industry and that participating in them would not be wise. He pointed out that despite some ETF issuers waiving certain fees, they generally charge fees.
The Millionaire’s Thoughts on ETFs
Known for his $400 million fortune and investments, Kevin O’Leary shared his thoughts on Bitcoin ETFs. In an interview with Fox Business on Thursday, he said:
If you’re naive and hold Bitcoin as digital gold for the long term like I do, I would never buy an ETF. Why should I pay these fees? They are completely unnecessary and add no value to me.
O’Leary went further with his comments, stating that he sees very little chance of survival for any of the 11 Bitcoin ETFs approved by the SEC as of Wednesday, without making any distinction.
However, the investor did point out some of them, emphasizing a prediction made by Galaxy Digital CEO Mike Novogratz, suggesting that two or three could stand out from this group.
According to O’Leary, giants like Fidelity and BlackRock have a much higher chance of rising to the top, attributing this to the massive sales forces of these investing firms.
Despite his skeptical stance on investing in these new ETFs, he emphasizes that the ETFs approved by the regulatory body, the SEC, are a meaningful part of advancing the crypto industry.
According to the Commentator, What Will Be the Price of Bitcoin?
O’Leary also drew attention to another issue. Following the approval of ETFs, he mentioned that lawmakers might begin examining digital payment systems like dollar-linked stablecoins.
We now have this important opportunity, which is great. But it’s still very early, we’re in the first round.
In addition, in another interview he participated in the previous day, O’Leary stated that Bitcoin has the potential to increase more than threefold by 2030, reaching a level between $150,000 and $250,000.
Commenting on Cathie Wood’s prediction for Bitcoin, the famous figure said that Wood’s forecast of Bitcoin reaching $1.5 million by 2030 could only happen in the event of an economic disaster in the US.
For Bitcoin to reach this price so quickly, in my opinion, would mean the US economy is somehow faltering. So no, I don’t agree with this price point.
At the time of writing, Bitcoin was experiencing a decline for the second day following the ETF approval, trading at the $43,000 level. The transaction volume for Bitcoin had decreased by 27% in the last 24 hours and was just over $38 billion. The overall Bitcoin volume was slightly above the $850 billion level.
